REPORT DIGEST

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

Release Date:

February 8, 2007 

State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

To obtain a copy of the Report contact:

Office of the Auditor General

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are also available on

the worldwide web at

http://www.state.il.us/auditor

INTRODUCTION

      This digest covers our financial audit of the Foundation for the year ended June 30, 2006.  A compliance examination covering the two years ended June 30, 2007 will be issued at a later date.

AUDITORS’ OPINION

      Our auditors stated the June 30, 2006 financial statements of the Foundation are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KAL :pp

SPECIAL ASSISTANT AUDITORS

      Crowe Chizek and Company, LLC were our special assistant auditors for this audit.

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2006

FY 2005

REVENUE

Operating revenues...........................................................

$3,911,521

$3,658,646

EXPENSES

Operating expenses...........................................................

13,755,130

16,592,000

Operating loss.............................................................

($9,843,609)

($12,933,354)

NON-OPERATING REVENUES

Contributions....................................................................

$12,584,041

$7,907,611

Grants from SIU and University Related Organizations.......

1,045,567

295,693

Investment income......................................................

6,704,934

7,314,494

Other................................................................................

(106,681)

360,565

Net non-operating revenues........................................

$20,227,861

$15,878,363

Income before other revenues, expenses, gains and losses.........................................................................

$10,384,252

$2,945,009

Contributions for capital assets..........................................

$461,371

$922,260

Additions to permanent endowments.................................

3,174,044

3,945,260

Increase in net assets...................................................

$14,019,667

$7,812,529

NET ASSETS

Net assets-beginning of year..............................................

$100,052,016

$92,239,487

Net Assets-end of year.....................................................

$114,071,683

$100,052,016

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2006

AT JUNE 30, 2005

Cash and Investments............................................................

$105,139,457

$97,380,573

Total Assets........................................................................

$120,823,458

$107,065,322

Annuities Payable..................................................................

$3,705,877

$3,722,455

Agency Funds Payable..........................................................

$1,828,612

$1,756,565

Total Liabilities...................................................................

$6,751,775

$7,013,306

Net Assets – Restricted-Nonexpendable...............................

$59,011,985

$53,926,413

Net Assets – Restricted-Expendable......................................

$45,942,893

$38,038,374

Total Net Assets.................................................................

$114,071,683

$100,052,016

MANAGING DIRECTOR

During Audit Period:  Mr. Rickey McCurry

Currently:  Mr. Rickey McCurry